New York, US, Nov. 03, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR),” Drill Press Market Research Report: Information by Type, Drilling Diameter and Region - Forecast till 2030”, the valuation of the global drill press market is likely to touch USD 825 MN by 2030, growing at a 4.15% CAGR during the review period (2022-2030).
Drill Press Market Overview
The global drill press market is expected to grow continually over the next few years. The rapid growth of the industrial sector results in increasing the adoption of drill press machines. Drill press is a stationary power tool used to drill tougher materials with precision, strength, and smoothness. These lightweight tools generate minimal heat even after running for long hours. Drill presses offer many advantages, such as more precise & accurate and faster & more efficient operations. Most modern drill presses have useful features like bevelling, height-adjustable tables, and variable depth-stops, making it easier to drill holes with exact depth, width, and angle.
Top Players leading the drill press market includes,
- Dongcheng Power Tools (India)
- JEI Drilling & Cutting Solutions Ltd. (India)
- Hougen Manufacturing Inc (US)
- CS Unitec Inc. (US)
- Milwaukee Tool (US)
- Champion Cutting Tool Corp (US)
- Metabowerke GmbH (Germany)
- DeWalt (US)
- Steelmax Tools LLC (US)
- PROMOTECH (Poland)
- Evolution Power Tools (UK)
- Rotabroach (UK)
- Universal Cutting & Drilling Equipment Ltd. (UK)
- G&J Hall Tools Inc. (US)
- C.&E. Fein GmbH (Germany)
- RUKO GmbH Präzisionswerkzeuge (Germany)
- Alfra Tools LLC. (US)
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Industry Trends
Currently, the dill press industry is growing rapidly, witnessing the increasing demand from automotive, aerospace, and other industries worldwide. The growing demand for fabricated metal products and developments in heavy industrial equipment boost the market size. Moreover, advancements in manufacturing processes and the growing adoption of the latest technologies for the drilling process substantiate market shares.
The emergence of advanced multi-purpose material removal machines consisting of different cutting equipment in a single machine drives the market growth. The constantly growing metal fabrication market allows these conventional machining processes to grow moderately. Furthermore, the growing need for precision and accuracy in the metalwork industry to minimize process waste and improve operational efficiency influences the market increase.
Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | 2030: USD 825 Million |
| CAGR during 2022-2030 | 4.15% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Increasing investments in R & D activities |
| Key Market Drivers | Manufacturing industry growth |
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Drill Press Market Segments
The drill press market report is segmented into types, drilling diameters, and regions. The type segment is sub-segmented into hydraulic, electric, and magnetic drill presses. Of these, the electric drill press segment grows at a higher rate. On the other hand, the growing need to minimize process waste and improve operational efficiency creates a vast demand for precision and accuracy in the metalwork industry.
The drilling diameter segment is sub-segmented into below 2”, 2” to 5”, and above 5”. The region segment is sub-segmented into Asia-Pacific, North America, Europe, and the Rest-of-the-World.
Drill Press Market Regional Analysis
The Asia Pacific region is the largest market for drill presses due to growing automation in industries. Various industry verticals are increasingly focusing on enhancing process efficiencies while reducing production costs. This trend, as a result, drives market growth, increasing the adoption of drill press machines. Developments in the industrial sector in countries like India and China create huge scope for the market.
Besides, increasing government initiatives for digitalization, the growing demand for workplace safety, and enhanced efficiency in industrial processes boost the region’s market shares. Also, factors such as the vast population base, rapidly changing economy, and increasing adoption of drill press machines boost the market size. China dominates the APAC drill press market, while India accounts for the second-largest market share, followed by Japan and Australia.
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North America stands second in the global drill press market. The market is predominantly driven by large technological advances and increasing awareness about the benefits of drill press tools. Additionally, the growing automation in the automotive and transportation sector and the adoption of digital technologies escalate the market value. State-of-the-art manufacturing infrastructures and high disposable income in this region substantiate market revenues.
The drill press market in Europe is growing rapidly, headed by the increasing government support for R&D required for the development of this equipment. European countries such as the UK, Germany, and France spend a lot on manufacturing equipment. The geographical expansion of many drill press manufacturing companies has led to expanding the market size.
Drill Press Market Competitive Analysis
Fiercely competitive, the drill press market appears fragmented, with many well-established players forming a competitive landscape. Players initiate strategies such as mergers & acquisitions, collaboration, and innovations to gain a significant market share. For business expansion, they acquire small yet promising companies in emerging markets, focusing on optimized situational awareness for customers.
They increasingly invest in R&D activities to develop a cost-effective product portfolio. The structure of the drill press market is changing due to the acquisition of local manufacturers by multinational companies. These strategic acquisitions increased the profit of the company as well as reduced the market competition significantly.
Drill press manufacturers form strategic collaborations to expand the digital footprint of their products. They develop drill press systems incorporating 3D imaging & optical navigation. Partnering companies promote the rapid development of products in emerging regions.
For instance, on Sept. 22, 2022, DeWalt (US), a power tool manufacturer, launched a new cordless magnetic drill press - the 20V MAX, delivering 40 holes per charge. This new cordless magnetic drill press has a capacity of up to 2-in of structural steel. The 20V MAX would support demanding metal drilling projects on construction sites.
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This product is designed to handle tough jobs featuring flexvolt advantage technology. The drill also features the E-Clutch system developed by DEWALT, which detects the motion of the tool and automatically shuts it down in a bind-up situation.
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